GLD vs. XAUUSD=X

Last updated Apr 2, 2026

Compare and contrast key facts about SPDR Gold Shares (GLD) and Gold Spot Price US Dollar (XAUUSD=X).

GLD is a passively managed fund by State Street that tracks the performance of the LBMA Gold Price PM. It was launched on Nov 18, 2004.

Performance

GLD vs. XAUUSD=X - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Gold Shares (GLD) and Gold Spot Price US Dollar (XAUUSD=X). The values are adjusted to include any dividend payments, if applicable.

GLD vs. XAUUSD=X - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GLD SPDR Gold Shares	10.47%	63.68%	26.66%	12.69%	-0.77%	-4.15%	24.81%	17.86%	-1.94%	12.81%
XAUUSD=X Gold Spot Price US Dollar	10.64%	64.75%	27.24%	13.14%	-0.25%	-3.50%	24.55%	18.77%	-1.71%	13.14%

Returns By Period

The year-to-date returns for both investments are quite close, with GLD having a 10.47% return and XAUUSD=X slightly higher at 10.64%. Both investments have delivered pretty close results over the past 10 years, with GLD having a 14.11% annualized return and XAUUSD=X not far ahead at 14.62%.

GLD

• 1D: 1.75%
• 1M: -10.65%
• YTD: 10.47%
• 6M: 22.97%
• 1Y: 52.25%
• 3Y*: 33.69%
• 5Y*: 22.00%
• 10Y*: 14.11%

XAUUSD=X

• 1D: 2.46%
• 1M: -10.14%
• YTD: 10.64%
• 6M: 23.72%
• 1Y: 53.55%
• 3Y*: 34.43%
• 5Y*: 22.48%
• 10Y*: 14.62%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

GLD vs. XAUUSD=X — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GLD

GLD Risk / Return Rank: 85
GLD Sharpe Ratio Rank: 88
GLD Sortino Ratio Rank: 84
GLD Omega Ratio Rank: 85
GLD Calmar Ratio Rank: 86
GLD Martin Ratio Rank: 84

XAUUSD=X

XAUUSD=X Risk / Return Rank: 93
XAUUSD=X Sharpe Ratio Rank: 100
XAUUSD=X Sortino Ratio Rank: 93
XAUUSD=X Omega Ratio Rank: 94
XAUUSD=X Calmar Ratio Rank: 87
XAUUSD=X Martin Ratio Rank: 90

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GLD vs. XAUUSD=X - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Gold Shares (GLD) and Gold Spot Price US Dollar (XAUUSD=X). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	GLD	XAUUSD=X	Difference
Sharpe ratio Return per unit of total volatility	1.89	1.75	+0.14
Sortino ratio Return per unit of downside risk	2.31	2.22	+0.09
Omega ratio Gain probability vs. loss probability	1.35	1.33	+0.01
Calmar ratio Return relative to maximum drawdown	2.70	2.16	+0.54
Martin ratio Return relative to average drawdown	9.90	7.60	+2.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GLD vs. XAUUSD=X - Sharpe Ratio Comparison

The current GLD Sharpe Ratio is 1.89, which is comparable to the XAUUSD=X Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of GLD and XAUUSD=X, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GLD	XAUUSD=X	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.89	1.75	+0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.25	1.23	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.89	0.91	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.60	+0.02

Correlation

The correlation between GLD and XAUUSD=X is 0.96, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Drawdowns

GLD vs. XAUUSD=X - Drawdown Comparison

The maximum GLD drawdown since its inception was -45.56%, roughly equal to the maximum XAUUSD=X drawdown of -44.69%. Use the drawdown chart below to compare losses from any high point for GLD and XAUUSD=X.

Drawdown Indicators

	GLD	XAUUSD=X	Difference
Max Drawdown Largest peak-to-trough decline	-45.56%	-44.69%	-0.87%
Max Drawdown (1Y) Largest decline over 1 year	-19.21%	-19.70%	+0.49%
Max Drawdown (5Y) Largest decline over 5 years	-21.03%	-20.81%	-0.22%
Max Drawdown (10Y) Largest decline over 10 years	-22.00%	-21.35%	-0.65%
Current Drawdown Current decline from peak	-11.71%	-11.74%	+0.03%
Average Drawdown Average peak-to-trough decline	-16.17%	-16.32%	+0.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.25%	5.60%	-0.35%

Volatility

GLD vs. XAUUSD=X - Volatility Comparison

SPDR Gold Shares (GLD) has a higher volatility of 10.48% compared to Gold Spot Price US Dollar (XAUUSD=X) at 9.82%. This indicates that GLD's price experiences larger fluctuations and is considered to be riskier than XAUUSD=X based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLD	XAUUSD=X	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.48%	9.82%	+0.66%
Volatility (6M) Calculated over the trailing 6-month period	24.34%	21.22%	+3.12%
Volatility (1Y) Calculated over the trailing 1-year period	27.81%	23.71%	+4.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.75%	16.36%	+1.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.88%	15.04%	+0.84%